Allbirds Inc (BIRD) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to Allbirds first quarter 2025 earnings conference call. (Operator Instructions) I would like now to turn the conference over to Christine Greany, Investor Relations. Please go ahead.

女士們，先生們，感謝你們的支持，歡迎參加 Allbirds 2025 年第一季財報電話會議。（操作員指示）現在我想將會議交給投資者關係部的 Christine Greany。請繼續。

Good afternoon, everyone, and thank you for joining us. With me on the call today are Joe Vernachio, CEO; and Annie Mitchell, CFO. During this call, we will be making comments of a forward-looking nature. Actual results may differ materially from those expressed or implied as a result of various risks and uncertainties. For more information about these risks, please review the company's SEC filings, including the section titled Risk Factors in our report on Form 10-K for the year ending December 31, 2024, for a more detailed description of the risk factors that may affect our results.

大家下午好，感謝大家的參與。今天與我一起參加電話會議的還有執行長 Joe Vernachio；以及財務長安妮米切爾 (Annie Mitchell)。在這次電話會議中，我們將發表前瞻性的評論。由於各種風險和不確定性，實際結果可能與明示或暗示的結果有重大差異。有關這些風險的更多信息，請查看公司的 SEC 文件，包括我們截至 2024 年 12 月 31 日的 10-K 表報告中標題為“風險因素”的部分，以獲得可能影響我們結果的風險因素的更詳細描述。

These forward-looking statements are based on information as of May 8, 2025, and except as required by law, we assume no obligation to publicly update or revise our forward-looking statements. Additionally, we will be discussing certain non-GAAP financial measures. These non-GAAP financial measures are in addition to and not a substitute for measures of financial performance prepared in accordance with GAAP. A reconciliation of our non-GAAP measures to the most directly comparable GAAP measures can be found to the extent reasonably available in today's earnings release.

這些前瞻性陳述是基於截至 2025 年 5 月 8 日的信息，除法律要求外，我們不承擔公開更新或修改前瞻性陳述的義務。此外，我們也將討論某些非公認會計準則財務指標。這些非 GAAP 財務指標是依照 GAAP 編製的財務績效指標的補充，而非替代。在今天的收益報告中，可以找到我們非 GAAP 指標與最直接可比較的 GAAP 指標之間的合理對照組。

Now I would like to turn the call over to Joe to begin the formal remarks. Joe?

現在我想把電話交給喬開始正式發言。喬？

Good afternoon, everyone. Thanks for joining us today. We're pleased to report another quarter of progress on our path to growth and profitability. Our first quarter results were in line with our expectations on the top line and exceeded guidance on the bottom line. As we move through 2025, the foundational work we've done over the past year, including reducing our retail footprint, transitioning international markets to a distributor model, rightsizing inventory and lowering costs is now coming together with our efforts in product, marketing and customer experience.

大家下午好。感謝您今天加入我們。我們很高興地報告，我們在成長和獲利的道路上又取得了一個季度的進展。我們第一季的業績符合我們的預期，並且超出了我們的預期。隨著我們邁入 2025 年，我們在過去一年中所做的基礎工作，包括減少零售足跡、將國際市場轉變為分銷商模式、調整庫存和降低成本，現在正與我們在產品、行銷和客戶體驗方面的努力結合在一起。

Together, we believe these work streams will build momentum toward a meaningful inflection point in the back half of the year. Our refreshed product line will begin reaching the market in late summer and is expected to support our anticipated return to top line growth in the fourth quarter.

我們相信，這些工作流程將共同累積動力，在今年下半年實現一個有意義的轉折點。我們更新的產品線將於夏末開始進入市場，預計將支持我們在第四季度恢復預期的營收成長。

Early reads on our product and marketing initiatives gives us confidence that we're on the right path. While our teams remain focused on executing our 2025 plans, we're also navigating an evolving macro environment driven by shifting global trade policies. Annie and I will speak to that more directly in just a few minutes.

對我們的產品和行銷計劃的早期解讀讓我們相信我們正走在正確的道路上。雖然我們的團隊仍然專注於執行我們的 2025 年計劃，但我們也在應對由全球貿易政策變化所驅動的不斷變化的宏觀環境。安妮和我將在幾分鐘內更直接地談論這個問題。

Before we get to that, I'll walk you through updates on each of our three key focus areas: making great product, telling great stories and creating an engaging shopping experience. First, product is our most important growth driver. The product engine is now fully staffed, sharply focused and operating at a high level. When the first results of our work reached the market in the back half of the year, you'll see a mix of reintroduced icons, refreshed favorites and entirely new categories that position us for long-term growth.

在討論這個之前，我將向您介紹我們三個重點關注領域的最新動態：製造優秀的產品、講述精彩的故事和創造引人入勝的購物體驗。首先，產品是我們最重要的成長動力。目前，產品引擎人員配備齊全，重點突出，運作水準較高。當我們工作的首批成果在今年下半年進入市場時，您會看到重新推出的圖標、更新的收藏夾和全新的類別，這些都將為我們實現長期成長奠定基礎。

Our fall lineup is the strongest and most diverse we've ever assembled. It spans casual, elevated and relaxed silhouettes, brought to life with modern design, unique materials and the signature Allbirds comfort our customers expect from us. Callouts include updates on our runner franchise and the debut of the Cruiser, a new court-inspired silhouette made from recycled wool and offered in nearly 20 colors.

我們的秋季陣容是我們有史以來最強大、最多樣化的陣容。它涵蓋休閒、高雅和輕鬆的輪廓，透過現代設計、獨特的材料和客戶期望的標誌性 Allbirds 舒適感賦予其生命。標註包括我們的跑步者特許經營權的更新和 Cruiser 的首次亮相，Cruiser 是一種新的球場風格鞋型，由再生羊毛製成，有近 20 種顏色可供選擇。

Next will be the introduction of a new subcategory called Remix, products that feature materials made with ingredients otherwise destined for landfill. It's a strong expression of our ongoing commitment to sustainability, delivered through versatile design for everyday wear.

接下來將推出一個名為「Remix」的新子類別，該產品採用原本要被填埋的成分製成的材料。它強烈體現了我們對永續發展的持續承諾，並透過適合日常穿著的多功能設計來實現。

Another first for Allbirds is a fully waterproof collection that looks amazing. We've designed a beautiful, versatile and functional collection of shoes our customers have been asking for. We're also planning to introduce two new collections that we believe represent significant long-term growth opportunities. The first is what we're calling Elevated, shoes that bring sneaker level comfort to more dressy and professional settings. Through carefully considered silhouettes, materials and color choices, we're tapping into a clear and growing trend that will be represented in sneakers for men and flats for women.

Allbirds 的另一個首創產品是外觀驚豔的完全防水系列。我們設計了一系列美觀、多功能又實用的鞋子，滿足了顧客的需求。我們還計劃推出兩個新系列，我們認為它們代表著重要的長期成長機會。第一款是我們所謂的 Elevated 鞋，它能為更正式、更專業的場合帶來運動鞋等級的舒適感。透過仔細考慮輪廓、材料和顏色選擇，我們正在挖掘一種清晰且日益增長的趨勢，這種趨勢將體現在男士運動鞋和女士平底鞋上。

At the other end of the spectrum, we're responding to the rising desire for extreme comfort at home with a collection we are calling Relaxed with styles that feel so great around the house that you can't help but wear them around town. This introductory collection will be distinctly Allbirds in aesthetic and material. We're deeply committed to bringing new product to market because we believe it's essential to unlocking growth. Early validation in our Q1 results reinforces our conviction that when we deliver what our customer wants, it can drive meaningful and sustained momentum.

另一方面，為了滿足人們對居家極致舒適日益增長的需求，我們推出了名為“Relaxed”的系列，其風格讓您在家中感覺舒適，忍不住要在城裡穿著它們。該系列新品在美學和材質上均具有鮮明的 Allbirds 風格。我們致力於將新產品推向市場，因為我們相信這對成長至關重要。我們第一季業績的早期驗證強化了我們的信念：當我們提供客戶想要的東西時，它可以帶來有意義且持續的動力。

A recent example is the Canvas Piper, a subtle variation on a silhouette we introduced last year, which quickly became one of our top sellers. Its success underscores the demand for clean, versatile everyday sneakers. As well, our new utility pack, a more rugged functional design has performed well right out of the gate. Even with a relatively light flow of new launches, the percentage of sales from new products has grown steadily, rising from the high single digits in January to over 20% in March.

最近的一個例子是 Canvas Piper，它是我們去年推出的款式的細微變化，很快就成為了我們的暢銷產品之一。它的成功凸顯了人們對乾淨、多功能日常運動鞋的需求。此外，我們的新實用包採用更堅固的功能設計，一開始就表現良好。即使新品上市數量相對較少，新產品的銷售額佔比仍穩定成長，從1月的高個位數上升到3月的20%以上。

We look forward to introducing a broad range of new assortments to consumers this fall and believe that they can be a meaningful driver of growth for our business. With all the new products coming, it is important that we keep a sharp eye on our inventory. We've taken steps to optimize our inventory position ahead of our upcoming launches. Initial buys have been conservative, and we're maintaining a disciplined approach to inventory management given the current macro environment. This posture allows us the flexibility to read consumer signals in real time and lean into areas of momentum as we move through Q3 and Q4.

我們期待今年秋天向消費者推出一系列新產品，並相信它們能夠成為我們業務成長的重要推動力。隨著所有新產品的推出，密切注意庫存非常重要。我們已採取措施在即將推出的產品之前優化庫存狀況。最初的購買是保守的，鑑於當前的宏觀環境，我們對庫存管理保持嚴謹的態度。這種姿態使我們能夠靈活地即時讀取消費者訊號，並在第三季和第四季進入勢頭強勁的領域。

Earlier this year, we began reintroducing the Allbirds brand through a mix of brand building, traditional and performance marketing. At the top of the funnel, our Cards on the Table series hosted by Stanley Tucci has been a standout. When we spoke to you on our year-end earnings call, the series had just launched. Since then, it has generated over 25 million Instagram views, including 15 million unique viewers and more than 1 million views on YouTube.

今年早些時候，我們開始透過品牌建立、傳統行銷和績效行銷相結合的方式重新推出 Allbirds 品牌。在漏斗的頂端，由史丹利·圖齊主持的《桌上牌》系列節目脫穎而出。當我們在年終收益電話會議上與您交談時，該系列剛剛推出。自那時起，該影片在 Instagram 上的觀看次數已超過 2500 萬次，其中包括 1500 萬獨立觀眾和超過 100 萬次 YouTube 觀看次數。

On social, collaborative posts with partners like Stanley Tucci, Rolling Stone and Carlos Sands have outperformed benchmarks, generating up to 100 times our average reach. This early success confirms the power of storytelling and the cultural resonance of the diverse voices featured. Just as importantly, they reflect Allbird's core values and help reanchor the brand with purpose and relevance.

在社交方面，與史丹利·圖齊、滾石雜誌和卡洛斯·桑茲等合作夥伴合作發布的貼文表現超出基準，覆蓋率達到平均水平的 100 倍。這一早期的成功證實了講故事的力量以及不同聲音的文化共鳴。同樣重要的是，它們反映了 Allbird 的核心價值觀，並有助於重新確立品牌的目的性和相關性。

Building on that momentum, we're increasing the volume and range of content to support our Hero products and seasonal launches in the months ahead. Still under the Allbirds By Nature banner, our messaging will reinforce four key attributes: comfort, style, quality and sustainability.

在此勢頭的基礎上，我們將增加內容的數量和範圍，以支持未來幾個月我們的英雄產品和季節性發布。仍然在 Allbirds By Nature 的旗幟下，我們的訊息將強化四個關鍵屬性：舒適、風格、品質和永續性。

Comfort remains foundational, but we will also help consumers see how our products fit into a variety of real-life occasions, responding to a clear desire for more styling inspiration. Layering on strong proof points around durability and sustainability helps create a well-rounded story, one that can be told consistently over time.

舒適度仍然是基礎，但我們也將幫助消費者了解我們的產品如何適應各種現實生活場合，以滿足他們對更多造型靈感的明確渴望。圍繞著耐用性和可持續性的有力證明點層層疊加，有助於創建一個全面的故事，一個可以隨著時間的推移不斷講述的故事。

As we talked last quarter, we have been focused on optimizing our performance marketing strategy, and those efforts are beginning to show tangible results. In the initial four weeks, key e-commerce metrics improved meaningfully versus the prior year. CAC was down, new customer acquisition accelerated and conversion rates were up.

正如我們上個季度所談到的，我們一直致力於優化我們的績效行銷策略，這些努力開始顯現實際的成果。在最初的四周內，關鍵的電子商務指標與去年同期相比有顯著改善。CAC 下降，新客戶獲取加速，轉換率上升。

Together, all these efforts reflect a marketing strategy that's both emotionally resonant and commercially effective, designed to build long-term brand equity while delivering measurable impact. The final piece to the puzzle is creating a standout experience, whether customers shop us online or in-store.

總的來說，所有這些努力都體現了一種既能引起情感共鳴又能產生商業效果的行銷策略，旨在建立長期品牌資產並產生可衡量的影響。難題的最後一部分是創造卓越的體驗，無論顧客是在網上購物還是在店內購物。

Our efforts to elevate that experience are well underway. On the digital side, our website redesign is on track for a summer launch, featuring richer storytelling, more dynamic product detail pages and a smoother, more intuitive shopping journey.

我們正在努力提升這種體驗。在數位方面，我們的網站重新設計將於夏季推出，具有更豐富的故事情節、更具活力的產品詳情頁面以及更流暢、更直觀的購物旅程。

In retail, we've been piloting a refreshed store concept at our Hayes Valley location in San Francisco. Updates to layout, fixtures, navigation and visual merchandising have created a space that's warmer and more welcoming and much easier to shop. These improvements require minimal investment but deliver outsized impact.

在零售方面，我們一直在舊金山海耶斯谷門市試行全新的店鋪概念。佈局、固定裝置、導航和視覺行銷的更新創造了一個更溫暖、更受歡迎且更容易購物的空間。這些改進需要的投資很少，但帶來的影響卻很大。

Early results have been strong, driving increased engagement and higher daily sales. We're now rolling out this new format to two additional locations, our SoHo store in New York City and the Stanford Shopping Center store in Palo Alto. We plan to build on our key learnings and expand the concept around more stores in the coming quarters.

早期成果顯著，推動了參與度的提高和每日銷售額的增加。我們現在正在將這種新模式推廣到另外兩個地點，即紐約市的 SoHo 店和帕洛阿爾託的史丹佛購物中心店。我們計劃在未來幾個季度中，以我們的主要經驗為基礎，將這一概念擴展到更多的商店。

Now turning to the macro environment. While the current tariff landscape adds complexity, our team is well equipped to navigate these dynamic conditions, drawing on years of industry experience. With the majority of our manufacturing based in Vietnam, we're proactively managing potential cost of goods pressure through tighter inventory buys and ongoing evaluation of future price opportunities. At the same time, our growing international distributor business helps mitigate exposure to US tariff impacts.

現在轉向宏觀環境。雖然目前的關稅情況更加複雜，但我們的團隊憑藉著多年的行業經驗，完全有能力應對這些動態條件。由於我們的大部分製造業務位於越南，我們透過加強庫存採購和持續評估未來價格機會來積極管理潛在的商品成本壓力。同時，我們不斷成長的國際經銷商業務有助於減輕美國關稅的影響。

Meanwhile, traffic and conversion across the customer landscape have been reported as choppy since early April, and we've seen similar trends. Near-term consumer behavior is difficult to predict and supply chain disruptions may occur as the broader market adjusts to new tariffs.

同時，據報道，自 4 月初以來，整個客戶領域的流量和轉換率一直不穩定，我們也看到了類似的趨勢。近期消費者行為難以預測，隨著大盤適應新關稅，供應鏈可能中斷。

Despite this, we remain cautiously optimistic, mindful of the burden on consumers, yet encouraged by our strong execution and the positive early indicators I just talked about. Assuming we do not see a material shift in the macroeconomic environment or broader consumer demand in the coming quarters, we believe we are positioned to return to top line growth in the fourth quarter of this year.

儘管如此，我們仍然保持謹慎樂觀的態度，考慮到消費者的負擔，但我們的強勁執行力和我剛才談到的積極的早期指標令我們感到鼓舞。假設未來幾季宏觀經濟環境或更廣泛的消費需求不會發生重大變化，我們相信我們將在今年第四季恢復營收成長。

We are grateful to our teams across the company for their resilience and commitment. We simply would not be approaching this next chapter without their contributions. We also thank our shareholders for their continued support and remain focused on building long-term value.

我們感謝公司各團隊的堅韌與奉獻。如果沒有他們的貢獻，我們根本不可能迎接下一章。我們也感謝股東的持續支持，並將持續專注於創造長期價值。

Now I'll turn the call over to Annie to review the financials.

現在我將把電話轉給安妮來審查財務狀況。

Thanks, Joe, and good afternoon, everyone. We continue to deliver strong execution in Q1 with top line results that were in line with our guidance and adjusted EBITDA that exceeded our expectations. Net revenue for the quarter totaled $32 million, slightly above the midpoint of our guidance. Similar to what we've seen across the consumer landscape, the quarter was generally choppy with some improvement in sales in March compared to the first two months of the year.

謝謝，喬，大家下午好。我們在第一季持續表現強勁，營收業績符合我們的預期，調整後的 EBITDA 超出了我們的預期。本季淨收入總計 3,200 萬美元，略高於我們預期的中位數。與我們在整個消費領域看到的情況類似，本季整體波動較大，3 月的銷售額與今年前兩個月相比有所改善。

Q1 gross margin was 44.8%. That's down 210 basis points to last year, but ahead of our expectations. Let me unpack that for you. First, as we expected, there was notable pressure on Q1 gross margin due to a higher mix of sales from our international distributors and the sunsetting of products as we prepare for our new assortments in the second half.

第一季毛利率為44.8%。這比去年下降了 210 個基點，但超出了我們的預期。讓我來為你解答。首先，正如我們預期的那樣，由於我們國際分銷商的銷售組合較高，以及我們為下半年推出新品種而停產一些產品，第一季的毛利率面臨明顯壓力。

In addition to these factors, gross margin was also impacted by higher per unit freight costs in our direct business. These drags on margins were partially offset by approximately $2 million of gift card breakage, which translated to a benefit of about 400 basis points in the quarter.

除了這些因素之外，毛利率也受到直接業務中單位運費成本上升的影響。這些利潤率的拖累被約 200 萬美元的禮品卡破損部分抵消，這轉化為本季約 400 個基點的收益。

From a tariff perspective, we have multiple levers we can pull to protect gross margin. Based on the assumptions in our baseline scenario, we continue to expect that we can deliver gross margin in the mid-40s for full year 2025. This assumes a continuation of the 10% incremental tariff on Vietnam goods following the 90-day pause. We're confident that our scenario planning and the mitigation tactics we developed leave us prepared to navigate the evolving tariff landscape.

從關稅角度來看，我們可以採取多種手段來保護毛利率。根據我們基準情境中的假設，我們仍然預計 2025 年全年的毛利率可以達到 40% 左右。這意味著在90天的暫停期之後，對越南商品繼續徵收10%的增量關稅。我們相信，我們制定的情境規劃和緩解策略使我們能夠應對不斷變化的關稅狀況​​。

First, we've reduced our initial inventory purchases for fall '25 as well as our buy plans for spring '26, where we will have the flexibility to chase into goods as needed. Next, because the majority of our product offerings will be new starting this fall, we have the ability to go to market with modestly higher prices. Lastly, in addition to these factors, overperformance on the bottom line in Q1 provides us with added flexibility to navigate the current environment.

首先，我們減少了 25 年秋季的初始庫存採購量以及 26 年春季的採購計劃，以便我們可以根據需要靈活地採購商品。其次，由於我們大部分的產品從今年秋季開始都是新品，所以我們有能力以略高的價格進入市場。最後，除了這些因素之外，第一季的超額表現為我們提供了更大的靈活性來應對當前環境。

Turning now to expenses. Our teams continue to exercise strict cost control. SG&A was down more than $14 million versus Q1 2024. The year-over-year improvement is attributable to lower occupancy and payroll costs and our transition to international distributors. During Q1, we closed five retail stores and had one additional closure subsequent to quarter end. That brings us to a current US store count of 24.

現在談談費用。我們的團隊繼續嚴格控製成本。與 2024 年第一季相比，銷售、一般及行政費用下降了 1,400 多萬美元。同比成長歸因於較低的入住率和工資成本以及我們向國際分銷商的轉型。在第一季度，我們關閉了五家零售店，並在季度末之後又關閉了一家。這樣，我們目前在美國的門市數量就達到了 24 家。

Marketing expense in the first quarter totaled $12 million or 37% of revenue. That's up year-over-year on both a dollar basis and as a percentage of revenue. The increase is primarily due to planned investments related to our upper funnel marketing initiatives.

第一季的行銷費用總計1,200萬美元，佔營收的37%。無論從美元計算還是從營收百分比來看，這一數字都比去年同期有所成長。成長主要歸因於與我們的上層漏斗行銷計劃相關的計劃投資。

Hopefully, you've all had an opportunity to enjoy our Cards on the Table series. As Joe mentioned, we're quite pleased with the initial traction we're seeing, including lower customer acquisition costs and higher returns on spend. We continue to expect that marketing expense on both the dollar basis and as a percentage of sales will increase on a full year basis compared to 2024 with variances quarter-to-quarter.

希望大家都有機會欣賞我們的《Cards on the Table》系列。正如喬所提到的，我們對看到的初步進展感到非常滿意，包括更低的客戶獲取成本和更高的支出回報。我們仍然預計，與 2024 年相比，全年行銷費用（以美元計算）和銷售額百分比都將增加，且季比有所差異。

Q1 adjusted EBITDA loss of $19 million reflects a year-over-year improvement of 11%. This exceeded our guidance range by about $5 million, primarily reflecting better-than-expected gross profit and strict cost control. Moving to the balance sheet.

第一季調整後的 EBITDA 虧損為 1,900 萬美元，年增 11%。這超出了我們的指導範圍約 500 萬美元，主要反映了好於預期的毛利和嚴格的成本控制。轉到資產負債表。

At quarter end, we had $39 million in cash and cash equivalents and no outstanding borrowings under our $50 million. We are pleased to be operating from a strong financial position with the runway to continue executing against our product and marketing plan. We ended the quarter with $43 million in total inventory, down 29% versus the year ago period. We are pleased to be in a healthy position and remain focused on carefully managing inventory as we prepare for our new assortment arriving in late summer. As we navigate the tariff landscape and ongoing macro challenges, we are maintaining the flexibility to read and react.

截至季末，我們擁有 3,900 萬美元的現金和現金等價物，並且沒有低於 5,000 萬美元的未償還借款。我們很高興能夠在財務狀況良好的情況下繼續執行我們的產品和行銷計劃。本季末，我們的總庫存為 4,300 萬美元，比去年同期下降 29%。我們很高興能夠保持良好的狀態，並將繼續專注於精心管理庫存，為夏末上市的新產品做準備。在我們應對關稅情況和持續的宏觀挑戰時，我們保持著閱讀和反應的靈活性。

During the quarter, operating cash use totaled $28 million, reflecting peak seasonal working capital needs as well as strategic investments to support the launch of our marketing campaign. Turning now to guidance. Given the evolving global trade policy and how that may impact consumer sentiment and spending, the outlook we're providing today assumes two key factors: one, the 10% incremental tariff rate on Vietnam continuing through the end of the year; and two, no material worsening of the macroeconomic environment or broader consumer demand trends.

本季度，營運現金使用總額為 2,800 萬美元，反映了季節性營運資金需求高峰以及支持行銷活動的策略性投資。現在轉向指導。鑑於不斷變化的全球貿易政策及其可能對消費者情緒和支出產生的影響，我們今天提供的展望假設了兩個關鍵因素：一是對越南徵收 10% 的增量關稅稅率將持續到今年年底；二是宏觀經濟環境和更廣泛的消費需求趨勢沒有出現實質性惡化。

We continue to expect the year to be second half weighted, driven by the lineup of new product offerings coming to market beginning in late summer, supported by our full funnel marketing initiatives. We are reiterating our full year 2025 outlook as follows: We expect net revenue in the range of $175 million to $195 million, which includes approximately $18 million to $23 million of negative impact associated with our distributor transitions and store closures.

我們繼續預計今年下半年的業績將有所成長，這得益於夏末開始上市的一系列新產品，以及我們全方位行銷計畫的支持。我們重申 2025 年全年展望如下：我們預計淨收入將在 1.75 億美元至 1.95 億美元之間，其中包括與經銷商轉型和門市關閉相關的約 1,800 萬至 2,300 萬美元的負面影響。

For added perspective, we anticipate that the impact will be spread roughly evenly across the first three quarters with slightly less impact in Q4. Stripping out the impact of those structural changes, net sales are expected to grow approximately 10% at the midpoint versus 2024.

從更廣闊的角度來看，我們預計影響將大致均勻分佈在前三個季度，而第四季度的影響將略小。剔除這些結構性變化的影響，預計到 2024 年淨銷售額中期將成長約 10%。

Looking at the top line by region, we expect US net revenue of $145 million to $160 million and international net revenue of $30 million to $35 million. Full year adjusted EBITDA loss is expected to be in the range of $65 million to $55 million.

從各地區來看，我們預計美國淨收入為 1.45 億至 1.6 億美元，國際淨收入為 3,000 萬至 3,500 萬美元。預計全年調整後 EBITDA 虧損將在 6,500 萬美元至 5,500 萬美元之間。

We're also introducing guidance for the second quarter. Net revenue is expected to be in the range of $36 million to $41 million, down 25% at the midpoint versus prior year. US net revenue is expected to be $26 million to $30 million and international net revenue is expected to be $10 million to $11 million. Adjusted EBITDA loss is expected to be in the range of $19 million to $16 million.

我們也將推出第二季的指導。預計淨收入將在 3,600 萬美元至 4,100 萬美元之間，與去年同期相比下降 25%。美國淨收入預計為 2,600 萬至 3,000 萬美元，國際淨收入預計為 1,000 萬至 1,100 萬美元。調整後的 EBITDA 損失預計在 1,900 萬美元至 1,600 萬美元之間。

We are continuing to watch the consumer and will respond accordingly. Importantly, we remain on track to bring our updated assortment to the market beginning in late summer and look forward to keeping you updated on our progress. We appreciate your time this afternoon, and we'll now ask the operator to open the call to questions.

我們將繼續關註消費者並做出相應反應。重要的是，我們仍將按計劃從夏末開始將更新的產品推向市場，並期待向您通報我們的進展。感謝您今天下午抽出時間，現在我們將請接線生開始回答問題。

(Operator Instructions) Janine Stichter, BTIG.

（操作員說明）Janine Stichter，BTIG。

Annie, I was hoping you could help us with the shaping of the gross margin through the rest of the year. Obviously, a lot of puts and takes. How to think about the impact from the international distributor agreements? And then also how to think about tariffs. When do we start to see the higher tariff inventory flowing through? And when would we potentially start to see offsets in terms of price?

安妮，我希望你能幫助我們確定今年剩餘時間的毛利率。顯然，這其中有很多付出和收穫。如何看待國際經銷商協議的影響？然後還要考慮如何考慮關稅。我們什麼時候會開始看到更高關稅的庫存流入？我們什麼時候才有可能開始看到價格上的抵銷？

Janine, thanks for your question. Yes, there's quite a few moving parts going on in gross margin. Let's start a little bit with Q1, so you understand our starting point this year. And while our gross margin was down year-over-year, it was ahead of our expectations.

Janine，謝謝你的提問。是的，毛利率中有很多變動因素。讓我們從第一季開始，這樣您就能了解我們今年的起點。儘管我們的毛利率年減，但仍超出了我們的預期。

The decline year-over-year is largely driven by that shift of sales internationally going from a direct model to distributors. Additionally, we've started to sunset some products in preparation for the new assortments that are coming in the back half of the year. There's a little bit of noise as well in terms of higher per unit freight in our direct business. That was then offset by a gift card breakage entry that we had. That was $2 million, and it did increase our gross margin by 400 basis points in the quarter.

年比下降主要是由於國際銷售模式從直銷模式轉向經銷商模式。此外，我們已經開始淘汰一些產品，為下半年推出的新產品做準備。在我們的直接業務中，單位運費上漲也帶來了一些噪音。這筆款項隨後被我們的禮品卡破損帳目所抵銷。這是 200 萬美元，它確實使我們本季的毛利率提高了 400 個基點。

One highlight that I want to make is that our lower average product COGS are coming to bear as expected from all of the great sourcing and material work that we've been doing over the past few years around our cost saving initiatives. And so when we think about where do we go from here in terms of our overall gross margin, while we reported the 44.8%, I'm going to go ahead and have you take out for comparison purposes, the 400 basis points associated with the gift card entry, that brings us to a gross margin of about 41% for Q1.

我想強調的一點是，由於我們過去幾年圍繞成本節約計畫所做的大量採購和材料工作，我們較低的平均產品銷貨成本正在如預期般顯現。因此，當我們思考從現在開始我們的整體毛利率將如何發展時，雖然我們報告的毛利率為 44.8%，但為了進行比較，我將把與禮品卡相關的 400 個基點取出，這使我們第一季的毛利率達到約 41%。

And we do expect that we will improve sequentially each quarter. But really where we start to see some great -- some of the better margins are in the back half of the year in Q3 and Q4. And that is because the second half product that we're so excited about, it was actually built and designed with higher margin targets. And so we'll be combining this new product coming at better margins, we're going to read the consumer.

我們確實預計每季都會逐步改善。但實際上，我們開始看到一些很好的利潤率——一些更好的利潤率出現在今年下半年的第三季和第四季。這是因為我們非常興奮的下半年產品實際上是按照更高的利潤目標建造和設計的。因此，我們將結合這項新產品，獲得更好的利潤，並了解消費者的需求。

I think you asked a little bit about when do we start to feel the impact of the new tariffs. There'll be a very minor impact in Q2, but it really starts to show up in Q3 and Q4. And that has been contemplated in our guidance where we reiterated that we expect to be in the mid-40s for the full year, but again, increasing from that restated Q1 of 41% and then increasing each quarter. So we're excited about the product ahead. We'll navigate the consumer, we'll navigate changing tariffs, but we feel like we're well positioned for the quarters ahead.

我想您問的是，我們什麼時候開始感受到新關稅的影響。在第二季度，影響會很小，但到了第三和第四季度，影響就會開始真正顯現出來。我們的指導方針中已經考慮到了這一點，我們重申，預計全年成長率將在 45% 左右，但將從重申的第一季的 41% 開始上升，並且每個季度都會上升。因此我們對即將推出的產品感到非常興奮。我們將引導消費者，我們將引導不斷變化的關稅，但我們覺得我們已經為未來幾季做好了準備。

Okay. Great. And then maybe if you could just talk about the inventory. How much you mentioned buying down for, I think, fall of this year and spring of next year. How do you think about that in relation to your plans to grow revenue in Q4 and maybe speak to your flexibility if you need to chase.

好的。偉大的。然後也許您可以談談庫存。你提到的購買量是多少，我想，是今年秋天和明年春天。您如何看待這與您在第四季度增加收入的計劃之間的關係？如果您需要追逐的話，請談談您的靈活性。

Great. So yes, as a result of the macroeconomic outlook right now in terms of tariff consumer, we have chosen to be somewhat conservative in our last buys for fall holiday '26 and the buys that we are preparing for -- excuse me, our last buys for fall holiday '25 and the buys that we're preparing for spring, summer '26. However, we have not cut ourselves so much that it limits our ability to get to that growth. We've just been really cognizant about the way that we're buying, the timing, et cetera.

偉大的。所以是的，由於目前關稅消費者方面的宏觀經濟前景，我們選擇在 26 年秋季假期的最後一次購買和我們正在準備的購買中採取一些保守的態度 - 對不起，這是我們為 25 年秋季假期進行的最後一次購買以及我們正在為 26 年春季、夏季進行的購買。然而，我們並沒有削減太多，以免限制我們實現成長的能力。我們非常清楚我們的購買方式、時間等等。

So we do not expect that the reduction in purchases really hinders our ability to grow because we believe in our plan, and we're excited about the product coming to market in late summer, supported by the marketing work that we've already done. And then as we will continue to, again, watch the consumer, see how things continue to shake out, we will have the opportunity to chase into spring/summer '26 product if needed.

因此，我們並不認為購買量的減少會真正阻礙我們的成長能力，因為我們相信我們的計劃，並且我們對產品在夏末上市感到興奮，這得益於我們已經完成的行銷工作。然後，我們將繼續觀察消費者，觀察事態如何發展，如果需要，我們將有機會追逐 26 年春夏產品。

Alexandra Straton, Morgan Stanley.

亞歷珊卓·斯特拉頓，摩根士丹利。

I know you all gave rationale for the post first quarter sales improvement last call, that kind of back half weighted dynamic to the top line, but obviously, things have changed with tariff. So can you just talk about how your view on the back half revenue improvement has changed now versus three months ago? And what degree of conviction you still have there?

我知道你們都對第一季後的銷售成長給出了理由，這種後半部分加權動態對營收產生了影響，但顯然，關稅情況已經改變了。那麼，您能否談談您對下半年營收成長的看法與三個月前相比有何變化？您對此還有多大程度的信念？

Yes. Nice to speak with you today. Yes, we've been working on this plan now for well over a year, and we've been executing against it like a metronome. The product, the marketing and the experience are really all coming together. In less than 100 days from now, this will all start to come together to one point where the way we think about it is this is our starting line, not our finish line. Like we're just getting started, and it only accelerates through the back half of this year.

是的。很高興今天和你交談。是的，我們已經為這個計劃努力了一年多了，並且我們一直在像節拍器一樣執行它。產品、行銷和體驗確實都融合在一起了。從現在起不到 100 天的時間，所有這一切都將開始匯聚到一個點，我們認為這是我們的起跑線，而不是終點線。就像我們才剛開始，而且今年下半年它會加速發展。

Yes, there is certainly -- there is uncertainty out there and uncertainty does not necessarily lend itself well to consumer sentiment. But we are a very experienced team, and we've navigated through many of these types of situations over the years. One little proof point or talking point around just how much is coming to give you a sense of it. We will have -- only had three new products in the first half of this year. Over 50% of our product that's delivering from July through the end of the year will be new product.

是的，確實存在不確定性，不確定性並不一定有利於消費者情緒。但我們是一支經驗豐富的團隊，多年來我們已經處理過許多此類情況。一個小證據點或談話要點可以讓你了解即將發生多少事情。今年上半年我們只有三款新產品。從今年七月到年底，我們交付的產品中超過 50% 都是新產品。

And we've shown that when we deliver new product, the consumer responds. And we're getting these new products showing up in the top part of our selling ranking. And so we're just -- we're really excited and motivated by everything that's coming together. The road ahead might move and shift, but the way you get through that is with a clear plan and clear execution, and that's what we're focused on.

我們已經證明，當我們推出新產品時，消費者會做出反應。我們讓這些新產品出現在我們的銷售排名的頂部。因此，我們真的對即將發生的一切感到興奮和鼓舞。前方的道路可能會不斷變化，但要克服這些困難，就必須制定明確的計劃並採取明確的執行措施，而這正是我們所關注的。

Perfect. Maybe one more follow-up for you. Can you just -- can we zero in on holiday? When do you guys kind of start and finish placing those orders? Obviously, there's a lot of angst in the market around how retailers are planning just given the tariffs and uncertainty around consumer demand?

完美的。也許還需要您再跟進一次。你能不能－我們可以專注於假期嗎？你們什麼時候開始和完成下訂單？顯然，考慮到關稅和消費者需求的不確定性，市場對零售商的計劃感到非常擔憂？

Yes. As Annie said, we've trimmed the very back half of Q4 purchase orders just to make sure if we had 10 colorways or something, maybe we go with 8. But the full flush of the expression of this product offering that we've built is still intact and still coming through.

是的。正如安妮所說，我們削減了第四季度採購訂單的後半部分，只是為了確保如果我們有 10 種配色方案，也許我們會選擇 8 種。但是，我們建造的這款產品的完整表達仍然完好無損，並且仍在不斷顯現。

We -- so as far as timing goes, we're pretty much fully purchased for the back half of this year. And our plans and when we look at the consumer and the trend and all of our leading indicators, it all points in the right direction and points towards the plan that we put in front of us. We believe that there is always -- the consumer always reacts to a company that knows what they're delivering, what their proposition is, what their promise is and delivers on that relentlessly with their product and their message and that there will be plenty of room for us to reach these growth expectations in the back half of the year.

就時間而言，我們基本上已經完全購買了今年下半年的產品。當我們觀察消費者、趨勢和所有領先指標時，我們的計劃都指向正確的方向，指向我們面前的計劃。我們相信，消費者總是會對一家知道自己在提供什麼、自己的主張是什麼、自己的承諾是什麼，並堅持不懈地用自己的產品和資訊來實現這些的公司做出反應，而且我們將有足夠的空間在今年下半年實現這些成長預期。

Thomas Forte, Maxim Group.

托馬斯·福特（Thomas Forte），馬克西姆集團（Maxim Group）。

Great. So first off, Joe and Annie, congrats on the quarter. I want to ask two questions, and I would note that anecdotally, I for one am looking forward to buying the new products. So I can't wait to see them and buy them, right? So first off, you recently ran what I thought was a very innovative advertising campaign, Cards on the Table.

偉大的。首先，喬和安妮，恭喜你們本季的成績。我想問兩個問題，我想指出的是，就我而言，我很期待購買新產品。所以我迫不及待地想看到它們併購買它們，對嗎？首先，我認為您最近開展了一項非常有創意的廣告活動，名為「Cards on the Table」。

How, if at all, do you believe it contributed to your strong performance in the quarter? And it seems to me that one of the advantages of the effort is that it should have legs. So how should we think about its ability to contribute to sales for the remainder of '25?

您認為它對您本季的出色表現有何貢獻？在我看來，這項努力的優點之一就是它有支撐點。那麼，我們該如何看待它在 2025 年剩餘時間內對銷售的貢獻能力呢？

Great. Tom, welcome to the call. We're very excited that you've chosen to follow the stock. We really appreciate it. Welcome to the team.

偉大的。湯姆，歡迎來電。我們非常高興您選擇關注該股票。我們非常感激。歡迎加入團隊。

Yes, we are really pleased with the results of Cards on the Table. Remember, its purpose was to get us back in the conversation, to get people talking about us again, to put us in association with people that reflect our values and that are part of the ongoing cultural conversation out in the world. And it absolutely achieved that.

是的，我們對《Cards on the Table》的結果非常滿意。請記住，它的目的是讓我們重新參與對話，讓人們再次談論我們，讓我們與反映我們的價值觀並參與世界上正在進行的文化對話的人們聯繫起來。並且它確實實現了這一點。

The numbers that we talked about earlier, 12 -- 25 million Instagram views is a real number. And that momentum is showing up in places like our subscribers on Instagram. We see real tangible results of getting people into our funnel, into our view and being able to talk to them and communicate with them.

我們之前談到的數字，1200萬到2500萬的Instagram瀏覽量是一個真實的數字。這種勢頭正在 Instagram 上的訂閱者等方面顯現出來。我們看到了將人們納入我們的管道、納入我們的視野並能夠與他們交談和溝通的真正切實的成果。

And you're right to notice that part of this plan is that, that was evergreen and is evergreen content. And if you actually look at it today, it's viewership is only increasing. It's not like an advertisement campaign that goes up and goes down. It is accumulating because it is good valuable content.

您注意到了，該計劃的一部分是常青的，也是常青的內容。如果你今天真的去看它，你會發現它的收視率只會增加。它並不像廣告活動那樣時升時降。因為它是很好的有價值的內容，所以正在累積。

So people are constantly coming into view and seeing this. And what you'll see when we come into the back half of the year is we'll create these little threads from that. And I won't go into the detail of how we're going to do that, but it will be through people and situations where we'll connect the stories and the messaging that we're going to be delivering from July through the balance of the year to that work. And that will give us the chance to re-express that work again and resurface it for people. So it continues to work for us through the balance of the year.

因此人們不斷地進入視野並看到這一點。當我們進入下半年時，您會看到我們將從中創建這些小線索。我不會詳細說明我們將如何做到這一點，但我們將透過人和情況，將我們將從 7 月到今年餘下時間傳遞的故事和訊息與這項工作聯繫起來。這將使我們有機會再次表達這項工作並將其重新呈現給人們。因此，它將在今年餘下的時間裡繼續為我們服務。

Great. And I'm very impressed with your multiyear turnaround effort in the metronome, I think, was the term you used. So for my follow-up question, thanks for the update on your new store prototype in San Francisco and the plans to roll it out in SoHo and Stanford. Can you explain how the new store prototype better positions you to drive sales for your next-generation products?

偉大的。我對您在節拍器方面多年的轉變努力印象深刻，我想，這就是您使用的術語。因此，對於我的後續問題，感謝您更新您在舊金山的新商店原型以及在 SoHo 和史丹佛推出商店的計劃。您能否解釋一下新的商店原型如何幫助您更好地推動下一代產品的銷售？

Yes, I'd love to. Stores are near and dear to my heart. So I'll give you a simple example, just making the store feel warmer and more inviting through very, very simple tactics. So first of all, we had a -- in our current store format, we have a single footwear wall, where many of the shoes are -- you cannot take them off the wall. They are on last, fixed to the wall.

是的，我很樂意。商店對我來說非常重要。所以我給你一個簡單的例子，透過非常非常簡單的策略讓商店感覺更溫暖、更有吸引力。首先，在我們目前的商店形式中，我們只有一面鞋牆，很多鞋子都放在那裡，你不能把它們從牆上拿下來。它們位於最後，固定在牆上。

It's very difficult to shop a shoe that you can't pick up and look at the toe down and look at the stance of the shoe in different orientations. So we have changed the entire fleet already to pegs where you can just sit the shoe on top, a shoe shelf, where the consumer can take it off and interact with the shoe. That's a very simple example of one of the things that we've done across the fleet.

購買一雙不能拿起來從鞋頭往下看，也不能從不同方向觀察鞋子的姿態的鞋子是非常困難的。因此，我們已經將整個設備改成了掛鉤，你可以把鞋子放在上面，鞋架，消費者可以把鞋子脫下來並與鞋子互動。這是我們在整個艦隊中所做的事情之一的一個非常簡單的例子。

Then specifically, within the prototype, now we've added at least three to five, depending on the size of the store, additional touchdown spaces where we can tell additional stories like a travel story or a color story or a material story. And we're really seeing a significant increase in interaction with those, people picking up shoes, understanding the story.

具體來說，在原型中，根據商店的大小，我們現在至少添加了三到五個額外的著陸空間，我們可以在其中講述額外的故事，例如旅行故事、色彩故事或材料故事。我們確實看到互動顯著增加，人們拿起鞋子，了解故事。

And most importantly, our daily sales in the Hayes Valley store has increased noticeably to the point that we've then rolled this out. So we just did Stanford yesterday. We just saw the first pictures today. I'm going down on Saturday to go view it myself to see how it looks and feels. And we'll be doing SoHo in -- on the 20, I believe, of this month.

最重要的是，我們在海耶斯谷商店的每日銷售額大幅增加，因此我們推出了這項服務。所以我們昨天才剛去了史丹佛。我們今天剛看到了第一張照片。我將於週六親自去查看它的外觀和感覺。我相信，我們將於本月 20 日在 SoHo 開展業務。

And then once we get the proof points out of those, we'll be looking to see where else in the fleet should we go? Should we do a smaller store or a bigger mall store or a bigger street store. We specifically picked those three so that we could get really good tests on it. And I think the most important thing is that it's not a very expensive facelift. It's very economical, but gets a really big powerful financial lift for the stores.

一旦我們得到這些證據，我們就會看看我們還應該去艦隊的哪個地方？我們該開一家小店、一家大商場店還是一家大街邊店？我們特意選擇了這三個，以便對其進行真正好的測試。我認為最重要的是，這不是一項非常昂貴的整容手術。它非常經濟，但卻能為商店帶來巨大的經濟效益。

Dylan Carden, William Blair.

迪倫卡登、威廉布萊爾。

I'm just curious how you -- or sort of how you would contextualize the cadence of the quarter, sort of improving there in March, if that coincide with a certain amount of marketing or new product. And you've sort of spoken to at several points on the call, kind of encouragement with new product. And I guess part of that is obviously sort of what you've flown in already. I just want if you could elaborate on that.

我只是好奇您如何 - 或者說您將如何理解本季度的節奏，如果這與一定數量的營銷或新產品相吻合，三月份的節奏會有所改善。您在電話會議的幾個時候都談到了對新產品的鼓勵。我想這其中的一部分顯然是你已經飛來的東西。我只是想知道您是否可以詳細說明一下。

And then part of that question also touches on just the marketing spend being relatively elevated. I'm just curious kind of what you're spending into? If you're spending into a higher level of back half sales or when that ratio might kind of tamp down a bit?

然後，這個問題的一部分也涉及行銷支出相對較高的問題。我只是好奇你花了多少錢？如果您將支出投入到更高水準的後半年銷售中，或者什麼時候該比例可能會下降？

So yes, we've had quite the interesting start to 2025. Like many others, it was a slow start to the year in January and February, and then we saw quite a bit of momentum in March. We believe this is both macro because we've heard it from other folks, compounded then by the result of our cards on the table investment. And so we were really pleased to see how the trends picked up in March.

是的，2025 年的開端確實非常有趣。與許多其他公司一樣，今年 1 月和 2 月的開局較為緩慢，但 3 月我們看到了相當大的發展勢頭。我們相信這既是宏觀的，因為我們從其他人那裡聽說過，又加上了我們現有的投資結果。因此，我們很高興看到三月的趨勢有所回升。

Of course, then in early April, when the consumer got quite distracted with macro headlines, we have seen some choppiness similar to what others have reported. But really, when we think about it and we look forward to the rest of the year, it sounds like everybody across multiple industries is seeing the change in the consumer. But what we do know and what we believe is that there is appetite for a brand with authenticity and message.

當然，在四月初，當消費者被宏觀新聞分散注意力時，我們看到了一些類似其他人所報導的波動。但實際上，當我們思考這個問題並展望今年剩餘時間時，聽起來各個行業的每個人都看到了消費者的變化。但我們確實知道並且相信，人們對具有真實性和資訊量的品牌是有需求的。

And we believe that our marketing and product places us in a competitive position, which is why we're really excited about, what we've done so far, the investments that we're making in marketing, the initial results from it and how it's setting us up for success.

我們相信，我們的行銷和產品使我們處於競爭地位，這就是為什麼我們對迄今為止所做的工作、我們在行銷方面所做的投資、初步成果以及它如何為我們的成功做好準備感到非常興奮。

In terms of a little bit of nuance with Q2, we do expect that our marketing spend in the quarter will be down slightly year-over-year, but that's really more about last year. You might recall that in Q2 of '24 is when we had a meaningful launch with the Tree Runner Go. That was a high-volume launch supported with quite a bit of marketing. So we do expect year-over-year marketing spend to be down, but it's still overall -- we are continuing to invest in the brand, and we will for the rest of the year.

就第二季的細微差別而言，我們確實預計本季的行銷支出將比去年同期略有下降，但這實際上與去年的情況有關。您可能還記得，2024 年第二季我們推出了 Tree Runner Go，這是一個意義重大的發表會。這是一次大規模的發布，並得到了大量行銷的支持。因此，我們確實預計同比行銷支出將會下降，但總體而言，我們仍將繼續對該品牌進行投資，並將在今年剩餘時間內繼續投資。

And so I will just turn it over to Joe to talk a little more about kind of the color on top of those financials.

因此，我將把話題交給喬，讓他進一步討論這些財務狀況之上的顏色。

Yes. So you were asking about the new products that we brought in for the quarter. There were two products, the Canvas Piper and then the utility product. And the nice -- the interesting part about that is it's kind of at both ends of our pricing spectrum. So from $80 to $120, and both of them performed really well.

是的。所以您問的是本季我們推出的新產品。有兩種產品，Canvas Piper 和實用產品。有趣的是，它處於我們定價範圍的兩端。從 80 美元到 120 美元，它們的表現都非常好。

And that's our sweet spot. And having only two products to really lean into and have them shoot up into the top five of our selling ranking is just a really good proof point that people are just waiting for us to deliver all of this new product, and it's just very encouraging and promising.

這就是我們的最佳狀態。只有兩款產品值得信賴，並且它們飆升至銷售排名前五，這是一個很好的證明，表明人們只是在等待我們推出所有這些新產品，這非常令人鼓舞和充滿希望。

And yes, the team is excited. And again, I say we're less than 100 days away. We actually have a little countdown calendar in our office that we look to and everybody is focused on getting the back half of this year back to growth.

是的，團隊很興奮。我再說一遍，距離這一天還有不到 100 天。實際上，我們的辦公室裡有一個小倒數日曆，每個人都在關注如何在今年下半年恢復成長。

Awesome. To the extent you can measure it, is this a new customer? Are you kind of reengaging existing customers? I'm sure it's a bit of both, but is anyone particularly skewed one way or the other?

驚人的。從你能衡量的程度來看，這是一個新客戶嗎？您是否正在重新吸引現有客戶？我確信兩種情況都有一點，但是是否有人特別傾向於其中一種情況？

Yes. No, it's exactly right. It's a little bit of both. We're finding lapsed customers starting to come back when we show them the new products. Our performance marketing is getting a lot sharper and a lot more focused, so we can customize it a little bit better, so we can serve up the right products to them.

是的。不，完全正確。兩者都有一點。我們發現，當我們向流失的顧客展示新產品時，他們開始回來了。我們的績效行銷變得更加敏銳和更加集中，因此我們可以更好地客製化它，以便我們可以為他們提供合適的產品。

Yes, it's all moving in the right direction. There's not any leading indicator that is at all concerning to us right now. It's all moving in the right direction. Yes, we see the macro and we read the things that everybody else reads. But right now, inside of our business, everything we read gives us confidence that we're on the right track.

是的，一切都在朝著正確的方向發展。目前還沒有任何領先指標令我們擔憂。一切都在朝著正確的方向發展。是的，我們看到了宏觀，也讀到了其他人都讀到的東西。但目前，在我們的業務中，我們所讀到的一切都讓我們相信我們正走在正確的軌道上。

I show no further questions at this time. I would now like to turn the call back over to Joe for closing remarks.

我目前沒有其他問題。現在我想將電話轉回給喬，請他做最後發言。

Thanks, everybody. We appreciate you being on today, and we look forward to talking to you next quarter, and we look forward to the next phase in our brand. It's the starting line, not the finish line. Thanks.

謝謝大家。感謝您今天的到來，我們期待下個季度與您交談，並期待我們品牌的下一階段。這是起跑線，不是終點。謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。